Act Number: 15

Act Name: The Securities and Exchange Board of India Act, 1992

Year: 1992

Enactment Date: 1992-04-04

Long Title: An Act to provide for the establishment of a Board to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market and for matters connected therewith or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Economic Affairs

Section 6: Removal of member from office.
        1*** The Central Government shall remove a member from office if he
             (a) is, or at any time has been, adjudicated as insolvent;
             (b) is of unsound mind and stands so declared by a competent court;
             (c) has been convicted of an offence which, in the opinion of the Central Government, involves a moral turpitude;
            2*                                                *                                                *                                                *                                                *
             (e) has, in the opinion of the Central Government, so abused his position as to render his continuation in office detrimental to the public interest:
         Provided that no member shall be removed under this clause unless he has been given a reasonable opportunity of being heard in the matter.
Notes:
1. The brackets and figure "(1)" omitted by Act 9 of 1995, s. 3 (w.e.f. 25-1-1995).
11. Clause (d) omitted by Act 9 of 1995, s. 3 (w.e.f. 25-1-1995).
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